07/01 GBA Briefs

More accurate GDP?: China has now adopted unified calculations of regional GDP, 35 years after provincial-level regions began conducting their own, which has led to discrepancies in national GDP calculated by the National Bureau of Statistics. Read more on China News Service.

Foreign banks easier: Foreign banks are no longer subject to the total asset requirements to set up businesses in China, given relaxed limitations on being shareholders of joint venture banks, and allowed to open branches and wholly-owned outlets. Read more on Reuters.

Guangdong expects tax reduction: As China lower tariffs on 859 commodities including frozen pork, fruit and medicine since the beginning of this year, Guangzhou Customs will see importers in seven prefecture-level cities eligible for 300 million yuan in tax cuts. Read more (in Chinese)

HKEX chief bullish: Chief Executive of HKEX, Charles Li Xiaojia, sent an upbeat note on the city’s outlook for the next decade, saying Hong Kong’s role will only be more apparent as the “translator and converter” between China and the global market. Read more on SCMP.

Guangdong vocational education: Guangdong has set aside 600 million yuan to develop the province’s vocational education, focusing on six sectors including construction of vocational colleges, college competitions and lifelong education. The provincial education department aims to have more than 92% of college students in Guangdong secure a job before graduation. Read more (in Chinese)

Macau airport record: Macau International Airport recorded an all-time high of passenger volume for 2019, at 9.6 million, an increase of 16% YoY. In the past year, 13 new routes were added to the airport’s coverage. Read more on GGRAsia.

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